Kazakhstan: Asset Recovery Company Sells Seized Luxury Jewelry After Third Attempt

Kazakhstan’s Asset Recovery Company (CMRA) has reported the partial sale of luxury jewelry confiscated from oligarchs as part of the national asset return initiative, Orda.kz reports.

Of the 56 lots up for auction on July 24, only 18 were sold. The starting price for the items was just under 14.8 million tenge, but the final revenue came in 17% higher — totaling 16.9 million tenge.

Some of the most valuable pieces struggled to find buyers, with successful bids only placed after a third round of auctions.

Among the sold items was a FOPE bracelet that went for 3.5 million tenge — slightly below its initial April listing of 3.58 million. Other items included a Picchiotti ring, a chain with a pendant, and several rings with emeralds, pearls, and diamonds.

The auctions for 38 pieces didn’t go through — that’s a normal part of the market process. These items will be relisted in due course, CMRA said in a statement.

While some of the more accessible lots, like Tiffany & Co. earrings, sold quickly at their starting prices, others have proven harder to move. 

Original Author: Nikita Drobny